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The speaker, a self-employed spy named James Bond (also known as 007), discusses filing Form 1040-ES for estimated tax payments. He earned $100,000 in gross income last year and is filing as single this year. The tutorial emphasizes that income tax operates as a pay-as-you-go system. Unlike employees who have federal withholding deducted from their paychecks, self-employed individuals must make quarterly estimated tax payments to the IRS based on expected income to avoid underpayment penalties. The payments cover both income tax and self-employment tax, and they are reported using Form 1040-ES.